Laserfiche WebLink
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Ramsey <br />follows: <br />Development District. The City is not modifying the boundaries of the Development <br />District. <br />Development Program Modification. The Modification to the Development Program for <br />Development District No. 1, a copy of which is on file in the office of the City Administrator, is <br />adopted. <br />Tax Increment Financing District No. 19 (Zero Zone). There is hereby established in the <br />City within the Development District, Tax Increment District No. 19 (Zero Zone), an economic <br />development tax increment financing district, the initial boundaries of which are fixed and <br />determined as described in the TIF Plan. <br />Tax Increment Financing Plan. The TIF Plan is adopted as the tax increment financing <br />plan for the TIF District, and the City Council makes the following findings: <br />The TIF District is an economic development district as defined in Minnesota <br />Statutes, Section 469.174, Subd. 12, the specific basis for such determination is set forth in <br />Appendix D of the TIF Plan. <br />The proposed development, in the opinion of the City Council, would not <br />reasonably be expected to occur solely through private investment within the reasonably <br />foreseeable future. The reasons for such determination are set forth in Appendix D of the <br />TIF Plan. <br />In the opinion of the City Council, the increased market value of the site that could <br />reasonably be expected to occur without the use of tax increment financing would be less <br />than the increase in the market value estimated to result from the proposed development <br />after subtracting the present value of the projected tax increments for the maximum <br />duration of the TIF District permitted by the TIF Plan. The reasons supporting this finding <br />are set forth in Appendix D of the TIF Plan. <br />The TIF Plan for the TIF District conforms to the general plan for development or <br />redevelopment of the City as a whole. The reasons for supporting this finding are set forth <br />in Appendix D of the TIF Plan. <br />The TIF Plan will afford maximum opportunity, consistent with the sound needs of <br />the City as a whole, for the development or redevelopment of the Development District by <br />private enterprise. The reasons supporting this finding are set forth in Appendix D of the <br />TIF Plan. <br />Appendix D of the TIF Plan is incorporated herein by reference. <br /> <br />Resolution #25-240 <br />Page 2 of 5 <br /> <br /> <br />